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ASPI - NEW: ASP Isotopes – Enriching Our Future

Updated October 2024

NASDAQ:ASPI
$10.13-5.86%
Updated: May 02, 2025

Executive Summary

Addressing global supply shortages in high-demand sectors

ASP Isotopes is an isotope enrichment company based in South Africa that is applying two enrichment technologies “Aerodynamic Separation” and “Quantum Enrichment” across their three target markets: Medical Isotopes, and Nuclear Energy. ASP Isotopes is aiming to become the world's lowest cost producer of specialised isotopes across these three verticals, showcasing industry-leading gross margins, and a unique ability to scale given lower cost, modular enrichment plants.
Investment Deck

Investment Thesis

Overview of buy and sell case of the business.

Why Invest?

Key pieces of information about the business that you need to know about.

Supply-Demand

Simply put, the world needs more specialised isotopes than it currently produces, particularly for nuclear medicine, semiconductors and nuclear fuel. Today, all three target markets present multi-billion-dollar opportunities.

Competition & Geopolitics

Competition is limited with Russia accounting for 85% of global isotope production, providing ASPI with strong geopolitical tailwinds as demand for alternative suppliers grows amid concerns about supply chain stability.

Technology

Enrichment plants using ASPI technology leverage 20 years of R&D history, can be constructed at a fraction of the cost and time versus traditional plants, are modular and scalable in design, and produce zero waste.

Catalysts

The key events that could drive investment opportunities and shift markets.

Near term

Commercial Production

  • ASPI is going into commercial production at multiple plants in H2’24 and will start to generate revenues at highly attractive gross margins.

Medium term

Global Expansion

  • ASPI is looking to build its next generation plants in Iceland to leverage significantly lower electricity costs and further improve margins. Additionally, it is looking at commercialising its Quantum Enrichment technology in South Africa at some point in 2025.

Long term

Powering the Next Generation

  • ASPI believes it has the know-how to enter the uranium market and provide the nuclear fuel to power the next generation of nuclear reactors.

  • The longer-term vision for this project will be to take depleted uranium (nuclear waste), and re-enrich it to various levels of fuel (LEU, LEU+, HALEU). From just two MOUs ASPI has over $30bn of indicative demand.

Follow the Experts

Quickly navigate key insights from industry experts and leverage their knowledge and market intelligence.

Ben Finegold profile

Ben Finegold

Nuclear Fuel Analyst

5k audience

Expert Insights

article
The production capacity of the initial plants was >4x oversold without a dollar spent on external marketing.
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article
ASPI has received interest from potential customers totalling over $30bn of HALEU demand at recent market prices by 2037.
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article
QLE estimates that the capital cost of constructing a Quantum Enrichment plant for uranium enrichment is less than $100m, approximately 85% cheaper than that of a traditional gas centrifuge enrichment facility
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1035 Capital profile

1035 Capital

Investment Advisor

1k audience

Expert Insights

article
ASPI's industrial business revolutionizes access to rare isotopes crucial for industries spanning from nuclear medicine to quantum computing and nuclear fuel.
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article
QLE JV has two Memoranda of Understanding to supply up to $30 billion worth of HALEU demand between 2027 and 2037
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article
Based on the QLE JV alone, ASPI should be valued near $800M or more, which translates to a $15 stock based on about 52M fully diluted shares.
Read more
World Nuclear News profile

World Nuclear News

World Nuclear Association Publication

120k audience

Expert Insights

article
“ASP Isotopes believes its enrichment technologies can be deployed in a new HALEU facility for considerably lower capital costs, and in much less time, compared with the traditional centrifuge process of HALEU production.”
Read Here
Reuters profile

Reuters

Financial Markets

1b audience

Expert Insights

article
"The U.S. wants to support new HALEU suppliers and this month started issuing contracts to four U.S.-based companies for HALEU."
Read Here

Investor Materials

Access the most recent investor updates published by the company.

Key Documents

ASP Isotopes: Poised To Emerge As A Key Player In The Isotope Supply Chain

Article

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External Insights

A curated collection of third-party content relevant to the company and sector to help inform your investment decision.

Media

NCI: How to bet on Uranium & Nuclear Renaissance w/ Paul Mann, CEO ASP Isotopes

Article

Episode · Lumida Wealth : Non-Consensus Invest Beyond the Ordinary · 00:00 Introduction to Non Consensus Investing00:31 Meet Paul Mann: Chairman and CEO of ASP01:42 The Importance of Silicon 28 in Semiconductors07:11 Geopolitical and Technological Aspects of Isotope Enrichment13:53 Challenges and Innovations in Uranium Supply22:53 Exploring HALU and Quantum Enrichment28:09 Medical Applications and Isotope Opportunities32:37 Business Potential and Market Dynamics36:20 Discussing Margins and Business Strategy37:53 Technical Feasibility and Readiness39:06 Investment and Plant Operations41:42 Customer Contracts and Capital Investment45:32 Company Background and Founding Story52:25 Building the Team and Overcoming Challenges54:02 Public Markets and Financing Strategy59:31 Future Plans and Market Position01:06:06 Conclusion and Final Thoughts Connect with Us OnlineWatch the video on Youtube: https://www.youtube.com/@Lumida_Wealth🌐 Website: https://www.lumidawealth.com🐦 Twitter Follow us on https://twitter.com/LumidaWealth🎵 TikTok: https://www.tiktok.com/@lumidawealth📸 Instagram: https://www.instagram.com/lumidawealth📘 Facebook: https://www.facebook.com/lumidawealth

Research

ASP Isotopes Announces Proposed Public Offering of Common Stock

WASHINGTON, July 11, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”) today announced that it has commenced an...

ASP Isotopes Announces Pricing of Public Offering of Common Stock

WASHINGTON, July 12, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”) today announced the pricing…...

ASP Isotopes Inc. Enhances Executive Leadership Team with the Appointment of Heather Kiessling as Chief Financial Officer

WASHINGTON, June 13, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”), an advanced materials…...

ASP Isotopes Inc. Receives Purchase Order from a Leading Global Industrial Gases Company for the Supply of Highly Enriched Electronic Gases

- Purchase order covers supply of highly enriched silicon-28, which is expected to be supplied in 2024. - This purchase order is…...

ASP Isotopes Issues Letter to Stockholders

WASHINGTON, April 11, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASPI,” or the “Company”), an advanced materials…...

ASP Isotopes Inc. Enters Into a Contract with U.S.-Based Small Modular Reactor (SMR) Company for Project Focused on Engineering Design and Planning for Enrichment Facility for the Production of Advanced Nuclear Fuels

The contract focuses on preliminary engineering design and planning for an enrichment facility for the production of next generation nuclear…...

ASP Isotopes Inc. Enters Into Purchase Agreement With a Leading Semiconductor Company for the Supply of Highly Enriched Electronic Gases

- Purchase agreement covers supply of highly enriched silicon-28, which is expected to be supplied in 2024. -ASP Isotopes Inc. is in discussions…...

ASP Isotopes Inc. Announces Signing of Purchase Agreement for Offering of Convertible Notes by Quantum Leap Energy

WASHINGTON, Feb. 29, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or “ASPI” or the “Company”), an…...

Team

Meet the experienced professionals leading our organization

What the Pro's Are Asking

Here are the questions that professional investors are asking before making an investment decision.

In which vertical do you see most near-term opportunity?

ASPI currently have contracts signed for Si-28 (semiconductors), C-14 (medical tracing), Moly-100 (medical diagnostics). They have seen more short-term demand for Si-28 than expected and are planning to focus a significant portion of resources to this opportunity. It is also well documented that isotopes relevant for nuclear medicine are undersupplied so there are various opportunities here. Longer term, the largest end market for is uranium, specifically high-assay low-enriched uranium for next-generation nuclear reactors. ASPI via its wholly owned subsidiary, Quantum Leap Energy ("QLE") is hoping to become the only scalable, low-cost producer outside of Russia for this fuel type.

What are the main challenges you anticipate in scaling the business?

While ASPI technology has been proven at commercial scale for some isotopes, there is some technological risk with scaling production in other products. In addition, ASPI do not have extensive experience in building plants and highlight the possibility of supply chain fragility given reliance on third parties for component parts of their plants.

How much does a new plant cost and how do you plan to finance these?

Most single isotope plants cost between $20-30m using ASP technology. This might be slightly higher for quantum enrichment, but ASPI are comfortable saying >$100m per unit.

Why are you looking to spin off QLE and what are timelines for production?

QLE will focus on the nuclear fuels of the future, and therefore presents a completely different customer base to that of ASP end markets. In addition, having the companies as separate entities will help discussions with various regulators. As previously announced, the intention is for ASPI to spin-off QLE at some point in 2025.

The current guidance given by the company is for commercial scale production to start in 2027. However, this is dependent on technological readiness and a license from one of the three countries where they have applied (South Africa, US, UK).

Is your technology patent protected?

ASPI and QLE have no patents due to trade secrets and the fact they are dual-use nuclear technologies. Only nine people who have been cleared by the non-proliferation council have access to the facilities. In addition, there are no phone lines or internet in or out of critical rooms; disk drives get locked away and facility is protected by metal bars. Vehicles are searched prior to entering the facility.